Perhaps the most terrifying and paralyzing situations is when your monthly mortgage payment is starting to climb or is actually past what you can afford, and no one will refinance you......
Solutions:
1) Talk to your lender
- You should tell them the desperate nature of your situation and ask for ideas and solutions
- Restructure your loan in order to lower down the monthly mortgage payment:
a- re calculate the mortgage payment based on the current loan balance
b- extent the loan tenure up to age 65/ age 70
2) Try to sell your home
Sell your home and end the mortgage payment!
3) Find someone to assume your mortgage
In an "assumed mortgage" someone else essentially takes over your mortgage payment. This can be a great deal for both a buyer (because they may not need a down payment) and a seller (because they avoid real estate agent fees).
4) Start generating revenue from your home
Rent out room(s) can bring in income to cover the increased mortgage payments until your feet back on the ground and get refinanced.
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